Dentons advises USD500 million Reset Subordinated Perpetual Notes issuance of MAF Global Securities Limited

Dentons has advised the Joint Lead Managers on the successful issuance of USD500 million Reset Subordinated Perpetual Notes by MAF Global Securities Limited, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands. The transaction was successfully completed on June 30, 2022. The issuance is irrevocably guaranteed, on a joint and several basis, by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC.

Fitch Ratings Limited rated the issuance at BB+. The issuance was listed on the regulated market of Euronext Dublin and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.

Dentons also advised the Dealer Managers on the simultaneous tender offer for MAF Global Securities Limited’s outstanding USD500 million Reset Subordinated Perpetual Notes, which were issued in 2017. Part of the issue proceeds of MAF Global Securities Limited’s 2022 issuance were used to redeem notes from the 2017 issuance that had been tendered for repurchase.

Debt Capital Markets partner Alex Roussos, based in Dentons’ Dubai office, commented, “We are delighted to have been part of this transaction and to support our clients as well as the company reach a very successful outcome. As everyone is aware, current market conditions are not favourable to issuers trying to price new deals, which makes the successful sale of this corporate hybrid bond even more important. We hope that it provides a blueprint for other issuers who are determined to succeed in these uncertain times.”

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi, senior associate Sana Siddiqui and paralegal Lucy Elliott.